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The Ascent of Money
(Part 1 of 4)
From ancient Mesopotamia to Renaissance Italy, Niall Ferguson explains the origins of money, credit and debt. Money, he shows, is not precious metal – it's a relationship between lender and borrower. Yet the simplest credit relationship, between a loan-shark and his client, is also the most dangerous. It was the invention of banking that made finance respectable, since the essence of banking, exemplified by the mighty Medici family, is to broker relationships between multiple creditors and debtors. In finance, the more the merrier, because the risks of lending are spread and the costs to borrowers come down. Another Italian invention – the bond market – allowed governments to become large-scale borrowers by selling interest-paying IOUs to investors. This created an altogether new kind of financial power that changed the course of world history. Ferguson reveals the secret influence of the bond market on key historical events, including Emperor Napoleon's downfall and the defeat of the Confederacy in the Civil War. Yet the bond market doesn't rule the world. There is one enemy it fears – inflation. Ferguson travels to Argentina to explore one of the worst monetary disasters in history and asks if all systems of paper money are inherently vulnerable to a price explosion.
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More discussions about
The Ascent of Money
'Where did money come from, and where did it all go?'
Tuesday, Jan. 13
What's your point of view?
Pat
Tuesday, July 7, 2009 › 4:10pm
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Episode Guide
The Ascent of Money
(Part 4 of 4)
first aired: July 29, 2009 (#104)
Emerging markets used to be where emergencies occurred. Now, they're where ...
(Part 3 of 4)
first aired: July 22, 2009 (#103)
Starting in post-Katrina New Orleans, Ferguson asks why the free market ...
(Part 2 of 4)
first aired: July 15, 2009 (#102)
Why do stock markets produce bubbles and busts? The answer is that they ...
(Part 1 of 4)
first aired: July 8, 2009 (#101)
From ancient Mesopotamia to Renaissance Italy, Niall Ferguson explains ...
Javascript is required to view this web page.
More discussions about
The Ascent of Money
'Where did money come from, and where did it all go?'
Tuesday, Jan. 13
What's your point of view?
Pat
Tuesday, July 7, 2009 › 4:10pm
Money PBS
Javascript is required to view this web page.
Pat
Tuesday, July 7, 2009 › 4:10pm
Money PBS
THIS SITE REQUIRES JAVASCRIPT
Please enable javascript in your browser.
Leave this field empty
Name:
E-mail:
Your e-mail address will not be shown.
Comment:
characters left
We welcome your comments, and hope to host energetic, civil discussions. As you post, please keep the following in mind:
Keep your comments focused on the topic at hand.
Don't use profanity, personal attacks or hate speech.
Don't promote a business or raise money.
When all else fails, think "Golden Rule": Treat others the way you'd like to be treated yourself.
We reserve the right to remove posts that don't follow these guidelines.
Notify me when there is a new post in this thread.
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